Friday, July 12, 2013

Social Media Monitoring For Banking and Financial Enterprises

Banks and Financial enterprises need social
media monitoring. Here’s why –
After the global financial crisis, one of the most damaging
consequences that plagued the finance and banking enterprises was lack of
customers’ trust in them. Customers and other stakeholders nurtured scepticism
about their banks’ financial position and were too apprehensive to conduct
business with them. People’s trust and faith were at an all time low.

However, financial enterprises had to endure this challenge and find
feasible solutions to overcome it. Some banks like the Fidor Bank that I mentioned in my last postread the situation well and went social for reinventing business. They
incorporated social media into their marketing and product innovation
strategies. They relied on active customer engagement on social networks and
extensive, open interactions with their customers for trust and reputation building.

The success of a few banks and financial enterprises on social media
motivated many others to follow suit. Today, along with having a presence on
social media, most financial institutions are also exploring and extracting the
benefits of social media monitoring.

How Social Media
Monitoring Helps Banking and Financial Enterprises?

Banks and Financial institutions can immensely benefit from social
media monitoring tools. From finding prospective customers to generating new
leads and beating competition with out-of-the-box strategies to analyzing the
sentiments surrounding your brand or knowing what intents lead customers to
your website, social media monitoring tools will help you achieve all.

Some of the most useful benefits of social media monitoring for
financial services include –